All Articles Tagged "condos"
Riot Corridor Becoming Condo Canyon
(Washington Examiner) — Bill Troy opened his Ruff & Ready shop in Adams Morgan back in the 1980s. I was one of the many Washingtonians who browsed and bought the solid, used furniture — desks and bureaus and lamps and art — that spilled out onto 18th Street. The neighborhood changed, lost its funky feel, got whitewashed by bars and restaurants — so Troy moved to 14th below U Street in the summer of 1991. ”We were going to have our 20th anniversary sale on Aug. 21,” Troy told me last Saturday. “Now we’re having a closing and moving sale.” After two decades, Troy is pulling up stakes again, because another neighborhood has changed. This will be his last weekend; he closes Aug. 31.
New Condo Sales Reviving in Brooklyn, Queens
(Crain’s) — Sales of new condo developments in Brooklyn and Queens made a comeback in the second quarter of this year, according to market reports released Thursday. In Brooklyn nearly one in four sales—24.6% to be precise—were new developments according to Prudential Douglas Elliman and Miller Samuel Inc. This marked the highest level of sales activity for new developments recorded since the firms started tracking the statistic in the first quarter of 2008, before the collapse of Lehman Brothers that autumn. During the second quarter of 2010, new developments represented just 14% of total Brooklyn sales. Even in Queens, where there aren’t as many new developments, 8.9% of sales were new condos—also an all time high.
Condos Revive in Brooklyn
(Wall Street Journal) — A few years ago, sales in new condominiums in Brooklyn stalled, and many projects came off the market. But a revival in sales in new condominiums, especially in more expensive units, has sparked new life in the Brooklyn market, driving sales prices higher in the first quarter of 2011, according to new market reports released on Friday. Demand for more expensive townhouses in prime locations, was also strong, brokers said. ”Absorption in new development has been incredible,” said Frank Percesepe, who overseas Brooklyn sales for the Corcoran Group. “My fear going forward is that we are not going to have the inventory we had before.” Still some analysts were more cautious.Jonathan Miller, an appraiser and president of Miller Samuel Inc., said that though sales rebounded during the first quarter, the sales pace and prices have been moving up and down from quarter to quarter in a narrow range.
Stricter Lending Guidelines for Condos
(New York Times) — STELLAR credit and steady income will go a long way in helping borrowers secure a home mortgage, but they may not be enough when it comes to buying or refinancing in certain condominium buildings. Stricter guidelines that govern which buildings are approved for conventional mortgages — rolled out by three government agencies in stages since December 2008 — are locking out thousands of buildings nationwide. States like Florida and Arizona are especially hard hit; mortgage brokers say that some buildings in the New York area have also been affected.
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Monthly Fees Rise Steadily for Apartment Owners
(Crain’s) — Monthly common charges and maintenance fees at 450 residential buildings across the city will continue to increase next year, and in some cases may rise as much as 7.5% from 2010 levels, according to an analysis conducted by the buildings’ property manager, Cooper Square Realty Inc. The increases are in line with the recent years’ track. Condo owners will likely see average annual increases of 4.5% to 6.5% in 2011, while co-op owners are expected to see annual increases of 5.5% to 7.5%, according to Cooper Square, which recently analyzed each of its building’s annual budgets. Most of the spike comes from increases in heating, electric, water and sewage costs, as well as more expensive labor resulting from a new four-year agreement between Local 32BJ and the Realty Advisory Board, said David Wurtzel, president of Cooper Square.
Shared Homeownership Could Mean Paying Your Neighbors’ Bills
(LA Times) — For those who have a lot of cash or can get credit, this could be an ideal time to buy a house — the foreclosure crisis has pushed prices down and interest rates are way low. But beware if you are looking to buy a condominium, co-op, town house or other property that’s part of a homeownership group. Another side effect of the foreclosure crisis is that you could end up responsible for some of your neighbors’ bills. That’s because people in shared ownership communities chip in to pay the cost of maintaining the buildings and amenities such as swimming pools. Also, the funds, usually paid in monthly installments, are often used to pay for landscaping, as well as to insure the structures.
Tenants Looking to Curb Spending Self-Manage Buildings
(New York Times) — AUTUMN is in the air. Up next will be winter frost, colored lights, fancy windows, the ball dropping in Times Square — and, quite possibly, yet another annual increase in monthly charges for co-op and condo residents. Many factors are to blame for the increases: rising insurance premiums, energy costs and property taxes, among others. But as charges start to rival or even exceed some monthly mortgage payments, many people are wondering whether there’s a less expensive way. For some buildings there is. It’s called self-management.
Studios Lose Some Luster
(NYT) — Prices of studios and one-bedrooms in Manhattan have taken a beating compared with bigger residences, as the demand from new home buyers runs out, tax credits expire and pickier buyers opt for bigger spaces. That has led Rebecca Goldfarb to settle on breaking even as she attempts to sell her Greenwich Village apartment. She is listing her renovated one-bedroom duplex on West 11th Street for $995,000.
D.C. Condos Show Healthiest Rebound
(Washington Business Journal) – Prices and closings for condominiums and cooperatives in the District are up, and inventories are down, showing the strongest market trends among housing in D.C. and Montgomery County. The Greater Capital Area Association of Realtors, says the median condo price in D.C. in May was $365,000, up 2.47 percent from a year ago. The number of condo settlements was up 49.8 percent, while the number of condos listed for sale was down 5.3 percent.
The Hidden Housing Crisis
(Chicago Tribune) — It is hard to tell whether Traci Hargrove is moving on or staying put. On one day she tends the garden at her Rogers Parkthree-flat, preparing to plant impatiens. But the next day she removes the drapes in her den and takes down her ceiling fans, because she fears losing her home.
